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Michael Schumacher (German pronunciation:listen); born 3 January 1969) is a German Formula One racing driver for the team. Famous for his eleven-year spell with Ferrari, Schumacher is a seven-time World Champion and is widely regarded as one of the greatest F1 drivers of all time.He holds many of the formula's driver records, including most championships, race victories, fastest laps, pole positions, points scored and most races won in a single season – 13 in 2004. In 2002 he became the only driver in Formula One history to finish in the top three in every race of a season and then also broke the record for most consecutive podium finishes. According to the official Formula One website he is "statistically the greatest driver the sport has ever seen

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Formula One had a total global television audience of 527 million people during the course of the 2010 FIA Formula One World Championship. Such racing began in 1906 and, in the second half of the 20th century, became the most popular kind of racing internationally. The Formula One Group is the legal holder of the commercial rights

With annual spending totalling billions of US dollars, Formula One's economic effect is significant, and its financial and political battles are widely reported. Its high profile and popularity make it a merchandising environment, which results in great investments from sponsors and budgets in the hundreds of millions for the constructors

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However, mostly since 2000, due to the always increasing expenditures, several teams, including works teams from car makers and those teams with minimal support from the automotive industry, have become bankrupt or been bought out by companies wanting to establish a team within the sport; these buyouts are also influenced by Formula One limiting the number of participant teams.